Polygon Price Prediction: Bulls Regain Control as MATIC Eyes Breakout
Polygon price experienced a decline to $0.722 due to recent events in the crypto space. However, bulls have managed to regain control and support is holding strong. While MATIC is still a long way from confirming a breakout beyond $1, it is up 2.7% in the last 24 hours.
Although down in the past week and fortnight, a sustained recovery could protect the 23.5% increase in value over the last 30 days.
Polygon Price Prediction: MATIC Bouncing Off Support
MATIC is currently trading within a descending channel, but it has found support around $0.722. After bouncing off this support level, Polygon price has moved above the 200-day Exponential Moving Average (EMA), indicating increased bullish presence.
If MATIC continues to move above the channel’s middle boundary support/resistance, there could be a breakout above the upper channel resistance.
The Bullish Case for Altcoins and Bitcoin ETF Approval
Crypto analyst Michaël van de Poppe believes that the next run on altcoins is loading up and that it heavily relies on the approval of Bitcoin spot exchange-traded funds (ETFs). The odds of SEC approving such ETFs have been increasing, with BlackRock meeting with the agency and Grayscale amending its proposal for a Bitcoin Trust product to become a spot ETF.
Looking Out for Breakouts and Uptrend
The Moving Average Convergence Divergence (MACD) indicator supports the bullish theory for Polygon price. Traders should watch out for breakouts above the falling channel and resistance at $0.8 to catch the uptrend towards highs above $1. Support from the 200 EMA and buyer congestion at $0.722 can prevent further losses if attempts to break above $0.8 fail.
Hot Take: Bull Run Loading Up for Altcoins
The recent decline in altcoins like Polygon price is being followed by a recovery as bulls regain control. The approval of Bitcoin ETFs could further boost the altcoin market. Traders are advised to watch out for breakouts and key resistance levels to catch the uptrend early.
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